{"F": {"ts_code": "000920.SZ", "name": "沃顿科技", "mkt": "CN", "ccy": "元", "sw1": "基础化工", "sw2": "塑料", "sw3": "膜材料", "ind": "塑料", "fin_source": "tushare", "market": "主板", "list_date": "19990616", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": true, "growth": false}, "province": null, "main_business": "", "introduction": "", "close": 11.33, "pe_ttm": 23.4052, "pb": 2.6463, "dv_ttm": 1.9771, "total_mv": 535479.8196, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [37.1, 36.2, 35.7, 35.9, 36.5, 37.4], "rev_series": [12.5, 13.8, 14.6, 17.1, 17.4, 20.2], "np_series": [1.1, 1.2, 1.4, 1.6, 2.0, 2.2], "roe_series": [9.2, 9.7, 9.6, 9.3, 10.8, 11.4], "period": "20260630", "rev_ttm": 20.3, "np_ttm": 2.3, "ocf_ttm": 3.2, "fcf_ttm": 2.8, "fcf_yield": 5.2, "ocf_yield": 5.9, "gm_median": 36.2, "gm_std": 0.6, "gm_stab": 0.98, "gm_chg_2022": -1.4, "npm_median": 10.6, "roe_median": 9.7, "commodity": false, "hard_ratio": 28.5, "fix_assets": 8.3, "goodwill_ratio": 0.0, "pb_calc": 2.65, "capex_dep": 0.43, "interest_debt": 0.2, "debt_ebitda": 0.0, "debt_ratio": 23.9, "debt_mv": 0.3, "payout": 47.7, "div_years": 5, "rev_cagr3": 11.4, "np_cagr3": 15.0, "rev_yoy": 0.7, "np_yoy": 6.6, "np_vol": 3.3, "loss_years": 0, "far_share": 79.0, "earn_yield": 4.3, "consensus_n": 1, "fwd_pe": 19.9, "fwd_pe2": 16.7, "fwd_g1": 18.0, "fwd_g2": 19.0, "peg": 1.05, "consensus_disp": null, "mainbz": [["膜产品", 55.0], ["植物纤维制品", 18.0], ["膜分离工程", 10.0], ["膜分离", 10.0]], "ret_prev_year": 43.7, "ret_prev2_year": -8.9, "ret_ytd": -7.8, "ret_pivot": 55.9, "prev_year": "2025", "prev2_year": "2024", "ret_20": -2.3, "ret_60": -15.5, "ret_120": -17.9, "ret_250": -3.4, "mdd_250": -36.2, "vol_250": 50.0, "pos_52w": 68.8}, "S": {"duration": 44, "pricing": 59, "hard": 46, "bondness": 37}, "label": "中性", "tags": [], "text": {"像什么": ["PE 23.4 倍、股息率 2.0%、毛利率近 5 年中位 36.2%、固定资产占比 28%、有息负债/EBITDA 0.0 倍:四轴都不突出。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 36.2%),硬资产占比 28%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "按行业与估值常规看,没有明确的利率方向性。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 5.2%(经营现金流/市值 5.9%)。覆盖高。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 36.2%,稳定度 98%,2020→2022 成本通胀期毛利率变化 -1.4 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 28%,资本开支/折旧 0.43 倍。有一些。"], ["估值里多少来自 5 年后的故事?", "按 PE 23.4 倍 粗算,约 79%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -3%,最大回撤 -36%,年化波动 50%,现价在 52 周高点的 69%;近 20 / 60 / 120 日 -2% / -16% / -18%。", "行业对照": ["同申万二级「塑料」77 家中位:PE 41.1 / 股息率 0.7% / 毛利率 16.9% / 固定资产占比 32% / 分红率 40%。", "沃顿科技:PE 比行业中位低 17.7倍;股息率 比行业中位高 1.3个百分点;毛利率 比行业中位高 19.3个百分点;固定资产占比 比行业中位低 3.4个百分点。"]}}